In today's context, Eric Trump declares that Bitcoin has supplanted gold's position in the world.
In a significant move for the cryptocurrency industry, American Bitcoin, a mining and treasury firm, made its public debut on the Nasdaq on September 3, 2025. The company, which was co-founded by Donald Trump, has been accumulating Bitcoin on its balance sheet, with an estimated value in the low hundreds of millions of dollars at recent spot prices.
During a TV appearance on CNBC's Squawk Box, Donald Trump described Bitcoin as a 'modern-day gold,' reflecting his belief in its value and American Bitcoin's strategy of mining and holding. This statement echoes the sentiment that aligning miners' and investors' incentives through holding Bitcoin is beneficial.
The public listing of American Bitcoin comes as the trend of mining companies producing and holding Bitcoin gains traction. However, the move has not been without controversy. Critics have raised governance questions, possible conflicts tied to high-profile backers, and risks of a volatile asset on corporate balance sheets.
Holding large amounts of Bitcoin on the balance sheet exposes a company to price swings, a risk that has been evident in the cryptocurrency's history. Yet, Donald Trump remains optimistic, stating that institutions are treating Bitcoin more like a store of value than a fringe idea.
Investors have reacted with both enthusiasm and caution to American Bitcoin's public debut. The company's mining partner, Hut 8, holds a large ownership stake, leaving the Trump family and other backers with a minority share. The newly formed entity, trading under the ticker ABTC, is expected to continue its operations with a focus on Bitcoin mining and strategic holding.
Political ties are bringing more headlines to crypto firms, and American Bitcoin is no exception. Donald Trump's strong comments during the CNBC appearance have added to the buzz surrounding the company. However, he also warned firms that resist blockchain adoption, emphasizing the potential benefits of embracing this emerging technology.
American Bitcoin moved toward a public listing via an all-stock merger with Gryphon Digital Mining earlier this year. The merger marked a significant step for the company, positioning it for growth and potentially shaping the future of Bitcoin mining and holding. As the industry continues to evolve, American Bitcoin's journey serves as a testament to the potential of Bitcoin and the growing interest in this digital asset.
